Chelsea are emerging as frontrunners in the race to sign Atletico Madrid forward Julian Alvarez, with reports suggesting the Blues are advancing talks to secure the Argentine star. Alvarez, who left Manchester City in 2024 after struggling for consistent starts, has flourished in Spain — but speculation is mounting that Stamford Bridge could be his next destination.
According to ESPN, Chelsea are “quietly advancing” negotiations with Alvarez’s representatives, who were recently spotted in London during the Blues’ clash with Arsenal. The discussions are said to have been positive, with Chelsea positioning themselves ahead of rivals in what could become one of the summer’s biggest transfer sagas.
Alvarez’s pedigree is unquestionable. A World Cup winner with Argentina, he was part of City’s treble-winning squad in 2023 and collected two Premier League titles before moving to Atletico in a deal worth up to €95 million (£83m/$113m). His time in Spain has been prolific, with 40 goals in 88 appearances, cementing his reputation as one of Europe’s most versatile forwards. Yet Chelsea appear willing to test Atletico’s resolve with a nine-figure bid, reportedly in the region of €100 million (£87m/$119m).
The timing is significant. Chelsea manager Liam Rosenior, who replaced Enzo Maresca earlier this year, was unable to spend in the winter window but is expected to be backed heavily in the summer. Champions League qualification remains a priority, and securing Alvarez would be a statement of intent as the Blues look to re-establish themselves among Europe’s elite. Their recent investments in attacking talent, including Joao Pedro and Liam Delap, underline a strategy of building a dynamic, youthful frontline — and Alvarez fits the profile perfectly.
Arsenal have also been linked with Alvarez, but Mikel Arteta’s focus appears to be on strengthening midfield options rather than pursuing another forward. Barcelona, meanwhile, face financial constraints that make a deal unlikely, leaving Chelsea with a clearer path to negotiations. Atletico, however, remain reluctant sellers. Alvarez is contracted until 2033, and the club is pushing for a top-three La Liga finish while competing in the Copa del Rey and Champions League. For now, they see him as central to their ambitions.
Alvarez himself has played down the speculation, insisting he is focused on Atletico’s season. “Look, it doesn’t bother me. I try not to pay much attention, but I know what’s being said. It’s all over social media. I think it’s more what’s being said online than what’s actually happening. I’m very focused on this season, on what lies ahead with Atletico Madrid,” he told reporters. His comments suggest no immediate desire to force a move, though the noise around him continues to grow.
Chelsea’s pursuit of Alvarez reflects both ambition and necessity. With rivals strengthening and the Premier League’s top-four race intensifying, the Blues know they must act decisively. A deal of this magnitude would not only bolster their attack but also send a message across Europe that Chelsea remain a major player in the transfer market. Whether Atletico can resist a nine-figure offer, and whether Alvarez himself is tempted by a return to England, will define one of the summer’s most compelling transfer stories.
